Print this page
Tuesday, 21 November 2017 08:55

Landcorp records a $50 million profit

Written by 
Steve Carden. Steve Carden.

Landcorp, no longer threatened with sales of some of its farms, has reported an after-tax profit of $51.9 million for the year to August 31.

Electioneering National had proposed selling some farms but Labour wouldn’t hear of it.

Its 2017 annual report shows asset values rose to $1.81 billion in 2016-17, an increase of $27.9m on 2015-16. Debt fell from $219.6m to $206.9m.

Recently re-branded as Pāmu Farms of New Zealand, the company’s chief executive Steve Carden says the 2017 result is very pleasing and reflects higher returns from milk, beef and venison.

“As we enter the halfway point of the financial year our business is tracking well. However, any downward pressure in commodity prices as we head into 2018 will impact our result.”

Carden says the company has focused on cutting debt and reinvesting in the business recently as part of its overall strategy. Ongoing solid trading conditions indicate another profitable year ahead, he says.

“Pāmu is looking at how we can enhance shareholder value, not just by being a price-taker at the farmgate, but by adding value right along the food chain.

“Agriculture needs to be changing and evolving in what it produces in response to consumer demand,” said.

“Whether partnering with Spring Sheep Milk Co to offer a unique product range, or providing high quality wool to NZ Merino for the innovative brands they work with... Pāmu is always looking at ways to drive value and innovation.”

Carden says the company is going from strength to strength and the last few years of intensive refocusing is now bearing fruit.

More like this

Covid costing Pāmu ‘deerly’

Falling land and livestock prices have hit the state-owned farmer Landcorp – known as Pāmu – in the financial year to 30 June.

Fertiliser reduced, production holds

State-owned farmer Pāmu has been able to reduce nitrogen input on its Waimakariri dairy farm while maintaining milk and grass production, by using fertigation – the application of fertiliser through irrigation.

Put it down

Your canine crusader notes that the woke folk at Landcorp – sorry Pāmu – were recently crowing about recording a net profit after tax of $68 million for the half-year ended 31 December 2019.


Back the sector that backs NZ

OPINION: The biggest issue currently facing our industry is environmental policy, writes Beef+Lamb NZ chief executive Sam McIvor.


Meat quota rates remain vital

A jump in the value and volume of New Zealand’s sheepmeat exports to Europe and the UK shows why preserving WTO tariff-rate quotas is so important, claims the Meat Industry Association (MIA).

Lamb price down, but not weak

While lamb prices are starting the new season at around 16% below last year’s levels, they are not outright weak, according to the BNZ.


It’s all kosher – Taggart

Farmer-owned cooperative Alliance Group says it has already returned $17 million of the $34.3 million it claimed from the Covid-19…

Machinery & Products

JCB releases new loader range

Originally scheduled for a June Fieldays release, which was stymied by the Covid crisis, JCB has recently unveiled its third…